An Import Export Code (IEC) is a 10-digit identification number issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry, Government of India. It is required for businesses engaged in importing or exporting goods and services from India.
2. Who needs to obtain an IEC?
Any individual or entity engaged in import or export activities in India is required to obtain an IEC. This includes manufacturers, traders, service providers, exporters, importers, and individuals or businesses involved in e-commerce.
3. Why is an IEC necessary?
An IEC is necessary for customs clearance and facilitates international trade. It is mandatory for import and export transactions and is used by customs authorities to track and monitor trade activities.
4. How can I apply for an IEC?
You can apply for an IEC online through the IEC Registration portal or through authorized agencies like IndiaFilings. The application process typically involves submitting required documents and paying the prescribed fee.
5. What documents are required for IEC registration?
The documents required for IEC registration may vary depending on the type of applicant (individual or entity). However, common documents include PAN card, identity proof, address proof, bank certificate, and passport-sized photographs.
6. How long does it take to obtain an IEC?
The processing time for IEC registration varies, but it typically takes 1-2 working days from the date of submission of the application along with the required documents.
7. Is there any validity period for an IEC?
Yes, an IEC is valid for the lifetime of the entity or individual unless surrendered, cancelled, or revoked by the DGFT.
8. Can an IEC be modified or updated?
Yes, changes such as address modification or addition of branches can be made to an existing IEC through online modification applications on the DGFT portal.
9. Is it mandatory to quote the IEC number on export/import documents?
Yes, it is mandatory to mention the IEC number on all import/export documents, including shipping bills, invoices, customs declarations, and letters of credit.
10. What are the consequences of not having an IEC?
Engaging in import/export activities without a valid IEC is illegal and can result in penalties, confiscation of goods, and other legal consequences.
